Consumer Discretionary Author: Qasim Khan Aug 10, 2020 03:35 PM (GMT+8)

This is not the first time that New Oriental has been rumored to be headed to Hong Kong for a secondary listing.

Image credit: EqualOcean

Another rumor suggesting that the edtech giant is edging towards a secondary listing in Hong Kong has been circulating in the Chinese media today. It is said that the company is looking to raise around USD 1 billion from the IPO.

New Oriental chose not to comment on the matter upon being asked by Chinese media channel TechWeb.

This is not the first time that New Oriental has been rumored to be preparing to go to Hong Kong for a second listing. As early as early June, we reported that New Oriental and TAL, two of China's US-listed edtech veterans, were each considering a secondary listing in Hong Kong.

New Oriental's financial results for the fourth quarter of the fiscal year 2020 and the full year as of May 31, 2020, show that the firm's net income in the fourth quarter of the fiscal year 2020 was around USD 798 million, a year-on-year decrease of 5.3% with a net profit of USD 13.2 million, a year-on-year decrease of 69.5%. New Oriental's full-year net income for the fiscal year 2020 was approximately USD 3.579 billion, a year-on-year increase of 15.6% with a net profit of USD 413 million – up 73.6% year-on-year.